Cost
The Cost Ledger
Every fee in the structure, decomposed to source, priced in currency, updated as the portfolio moves. Total drag as one number, with a line-by-line derivation and a recoverable figure attached.
Every serious pool of capital has a system of record. Yours doesn't.
Tenaros is the operating system for private wealth. One authoritative record of everything a family owns, across every entity, currency and asset class, with four services running on top of it.
No custody. No discretion. No products. No commission. Priced on complexity, never on your assets.
Consolidated recordIllustrative
| Entity | Base (USD) | |
|---|---|---|
| ▸ Holding Co. (BVI) | 18,402,118 | |
| Listed equity | 9,240,550 | |
| Private funds | 6,118,900 | |
| Cash | 3,042,668 | |
| ▸ Family Trust (Jersey) | 31,750,004 | |
| ▸ Operating Co. (UAE) | 12,206,441 | |
| ▸ Direct holdings | 9,884,210 | |
| Total | 72,242,773 | |
The gap
The industry sells slices. Nobody holds the whole.
A public company that could not produce a consolidated balance sheet would be uninvestable. A fund that could not reconcile to its administrator would be shut down.
A family with $80 million routinely operates with no such thing. Four banks, each reporting on the part they hold. Two managers, each reporting on their mandate. A property in one country, a business in another, eleven fund commitments at different stages, a trust nobody has read since it was signed, and a crypto wallet somebody set up in 2017.
The picture exists nowhere. It is assembled by hand, in a spreadsheet, by the most expensive person available, twice a year, and it is out of date the week it is finished.
Everything that goes wrong from there is downstream of that one absence.
| Reports to you | What it sees | Of the whole |
|---|---|---|
| Private bank A | Custody, one jurisdiction | 18% |
| Discretionary manager | One mandate | 24% |
| Lawyer | Structures, no values | 0% |
| Accountant | Last year, filed | 31% |
Nothing above reconciles to anything else, and no row is the whole.
The consequences
What the absence costs.
$375,000
Fees sit three layers deep: inside the fund, inside the fund the fund holds, inside the wrapper, inside the spread. Across a typical structure that is 60 to 150 basis points a year. At the top of that range, on $25 million, this is what invisibility costs. Annually.
You cannot price what you cannot see.
40% → 51%
A policy signed in 2019 set equities at 40 percent. Nothing has measured the live balance sheet against it since, so the allocation drifted eleven points while the document stayed pristine. A policy is enforced only if something is watching.
You cannot enforce what you cannot measure.
3 days
Something arrives from a friend, a banker, or another family, with a deadline. To judge it you need existing exposure, liquidity across four quarters and unfunded commitments — three weeks of assembly for a Friday answer. The deal proceeds on instinct.
You cannot judge a deal without a portfolio.
1 head
The gravest risk in most families is not market risk. It is that the complete picture — why this was bought, what the side letter says, who to call — lives in one person's memory, undocumented. Heads are not a storage medium.
You cannot hand over what only exists in one head.
The system
Build the record first.
Tenaros holds one continuously updated record of everything a family owns.
- Connected
- Nine aggregation networks, selected per institution so each connection is the best available rather than whatever one provider supports. US, UK, Europe, the Gulf, South Africa, Asia, Australasia. Read-only throughout.
- Structured
- Your actual ownership, not a flattened list. Entities inside entities. Trusts, holdcos, foundations, partnerships, SPVs, each one first-class. Partial ownership tagged at asset level, so forty percent shows as forty percent.
- Complete
- Listed positions. Private funds with commitments, calls, distributions, unfunded balances and IRR. Direct stakes, notes, shareholder loans. Property with valuation feeds. Art, watches, aircraft, collections. Digital assets as live positions.
- Multi-currency
- Every layer, any base currency, with FX effect separated from performance, so you can see which one actually moved.
- Permissioned
- Your daughter sees her trust. Your accountant sees what the accountant needs. Your CIO sees everything. Nobody sees anything else.
What runs on it
Four services. Always on.
Not engagements. Services that run continuously against the record and write their results back into it.
Policy
The Policy File
Your investment policy, drafted and then encoded as machine-readable rules. The system measures your live balance sheet against it continuously and raises the breach the day it happens.
Governance
The Decision Record
An independent chair for your investment committee. Papers, conflict register, signed minutes, four times a year, held in the system and versioned. Someone in the room with nothing to sell you.
Analysis
The Deal Memo
Independent analysis on every opportunity before you commit. Structure, full fee waterfall, sponsor history, comparables, downside cases, and the exact questions to put to the promoter.
Everything these services produce is an object in the system, versioned and permanent. In ten years, when someone asks why you own this, the answer will exist.
Analysis stopped being the expensive part.
For thirty years, the scarce resource in managing serious wealth was interpretation. You paid for a person to read the documents, run the numbers and form a view, and that person was expensive, so the work was rationed.
That constraint is gone. What a family office analyst produced in a week is now available in minutes. What has not changed, and what no model can conjure, is the record it runs on. An AI pointed at an incomplete balance sheet does not fail politely. It answers with total confidence, and it is wrong, and nothing in the output tells you which parts.
So the scarce thing moved. It is no longer analysis. It is a complete, structured, entity-aware record of what is actually owned. Build the substrate properly, and every intelligence that comes next — ours, yours, or something that does not exist yet — runs on it.
Independence
Who in your life is paid to look at all of it?
Your bank is paid on what your bank holds. Your manager is paid on the mandate. The structurer is paid on the structure. The introducer is paid on completion. Each of them is competent, and each of them is looking at their own slice, because that is what they are paid to look at. We are paid to look at the whole thing, and paid by nobody else.
- We do not hold your assets.
- No custody, in any form, ever.
- We do not manage your money.
- No discretion, no trading, no execution.
- We do not sell products.
- No commission, no retrocession, no platform rebate, no referral fee, from anyone, on anything.
- We do not charge on your assets.
- The fee is identical at $10 million and at $200 million.
So when we tell you a fee is too high, you have no reason to wonder why we are saying it.
The offer
Start by finding out what you are paying.
$45,000
The Wealth Audit. Four to six weeks. Credited in full against year one if you go on to subscribe.
We connect your accounts, build your structure, read the underlying documentation on every holding, and return one number: what it costs you, per year, to own what you own. Then a second: what is recoverable, and how.
The record should outlive the person who built it.